HOUSTON, Texas, Jan. 27, 2003 (PRIMEZONE) -- Caribbean Motor Works USA (Pink Sheets:CBMW) today released a statement regarding its plans for 2003:
"Over the last several months, we have been involved in establishing a strategic plan for where we want to take the company as we move into 2003," President and CEO Robert Russell said today. "Our first step was to undertake a reorganization of the corporate ownership structure, which we successfully completed by implementing a 1 for 20 reverse split of our common stock.
"Today, I am pleased to report that we are realigning our priorities for product development over the next 12 months. Our new strategy calls for expanding our manufacturing capabilities into a new profit center, namely ice machines. Our research indicates that there is an excellent opportunity to establish a market for ice machines, inasmuch as most users of ice in Barbados are serviced by truck-delivered ice.
"We have received approval for the re-manufacturing of ice machines under our BIDC re-manufacturing certificate for the Barbados market. We are very excited by this opportunity. All of the steps necessary to commence operations are in place. However, a significant barrier to our beginning production is the lack of available financing. This has been a significant problem for us over the years and it continues to hamper our ability to resume active operations.
"We are hopeful, however, that the completion of our reorganization and our announcement today that we are prepared to immediately enter the ice machine market will have a positive impact on the company. In addition, the ability to pursue markets throughout the Caribbean under our CARICOM status is very exciting and should open up new opportunities for the company as we move into the later stages of 2003.
"I must repeat, however," Mr. Russell concluded, "by acknowledging the dependency of our future success on our ability to acquire sufficient funding to meet our current and future obligations."